Guinness Atkinson Asset Management Inc Decreases Stock Position in Owens Corning (NYSE:OC)

Guinness Atkinson Asset Management Inc reduced its holdings in shares of Owens Corning (NYSE:OC) by 1.7% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,790 shares of the construction company’s stock after selling 100 shares during the quarter. Guinness Atkinson Asset Management Inc’s holdings in Owens Corning were worth $1,022,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Nordea Investment Management AB boosted its position in Owens Corning by 74.4% during the first quarter. Nordea Investment Management AB now owns 1,251,653 shares of the construction company’s stock worth $210,040,000 after acquiring an additional 533,910 shares during the last quarter. Point72 Asset Management L.P. grew its position in shares of Owens Corning by 168.3% in the second quarter. Point72 Asset Management L.P. now owns 741,262 shares of the construction company’s stock valued at $128,772,000 after purchasing an additional 464,981 shares during the period. Pacer Advisors Inc. increased its stake in Owens Corning by 38.9% in the second quarter. Pacer Advisors Inc. now owns 1,592,536 shares of the construction company’s stock valued at $276,655,000 after purchasing an additional 446,073 shares during the last quarter. Panagora Asset Management Inc. lifted its position in Owens Corning by 2,813.6% during the second quarter. Panagora Asset Management Inc. now owns 378,856 shares of the construction company’s stock worth $65,815,000 after buying an additional 365,853 shares during the period. Finally, Swedbank AB acquired a new stake in Owens Corning in the 1st quarter worth about $60,424,000. Institutional investors and hedge funds own 88.40% of the company’s stock.

Insider Activity at Owens Corning

In other Owens Corning news, insider Marcio A. Sandri sold 3,051 shares of the firm’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $176.50, for a total transaction of $538,501.50. Following the completion of the sale, the insider now directly owns 57,079 shares in the company, valued at approximately $10,074,443.50. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, insider Marcio A. Sandri sold 3,051 shares of the stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $176.50, for a total transaction of $538,501.50. Following the completion of the sale, the insider now directly owns 57,079 shares in the company, valued at approximately $10,074,443.50. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Marcio A. Sandri sold 3,050 shares of the business’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $170.00, for a total value of $518,500.00. Following the completion of the transaction, the insider now owns 60,130 shares in the company, valued at $10,222,100. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.89% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on OC. UBS Group increased their price objective on shares of Owens Corning from $192.00 to $197.00 and gave the stock a “buy” rating in a research report on Wednesday, August 7th. Wells Fargo & Company upped their target price on Owens Corning from $165.00 to $175.00 and gave the stock an “equal weight” rating in a research report on Monday, October 7th. Barclays dropped their target price on Owens Corning from $190.00 to $189.00 and set an “equal weight” rating on the stock in a report on Friday, July 12th. Citigroup upgraded Owens Corning from a “neutral” rating to a “buy” rating and upped their price target for the stock from $178.00 to $191.00 in a report on Thursday, July 11th. Finally, Evercore ISI dropped their price objective on shares of Owens Corning from $188.00 to $175.00 and set an “in-line” rating on the stock in a research note on Wednesday, August 7th. Eight analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $186.69.

Owens Corning Price Performance

OC traded up $4.52 on Friday, reaching $180.45. The company had a trading volume of 459,362 shares, compared to its average volume of 679,301. Owens Corning has a one year low of $109.95 and a one year high of $191.13. The company has a market capitalization of $15.69 billion, a P/E ratio of 15.28, a PEG ratio of 3.62 and a beta of 1.41. The company has a fifty day moving average of $167.02 and a 200-day moving average of $171.16. The company has a current ratio of 1.37, a quick ratio of 0.79 and a debt-to-equity ratio of 0.91.

Owens Corning (NYSE:OC) last issued its quarterly earnings results on Tuesday, August 6th. The construction company reported $4.64 earnings per share for the quarter, beating analysts’ consensus estimates of $4.37 by $0.27. The company had revenue of $2.79 billion during the quarter, compared to the consensus estimate of $2.92 billion. Owens Corning had a net margin of 10.66% and a return on equity of 26.33%. Owens Corning’s revenue was up 8.8% on a year-over-year basis. During the same period in the prior year, the company earned $4.22 EPS. As a group, equities research analysts anticipate that Owens Corning will post 15.38 earnings per share for the current year.

Owens Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, November 4th. Shareholders of record on Friday, October 18th will be issued a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 1.33%. The ex-dividend date is Friday, October 18th. Owens Corning’s payout ratio is 20.32%.

About Owens Corning

Owens Corning manufactures and sells building and construction materials in the United States, Europe, the Asia Pacific, and internationally. It operates in three segments: Roofing, Insulation, and Composites. The Roofing segment manufactures and sells laminate and strip asphalt roofing shingles, oxidized asphalt materials, and roofing components used in residential and commercial construction, and specialty applications.